Morning journal and courier., 1887-03-31
ABOUT WALL STREET,

4nBGF9@B1nE
 General BraytOn Ives, Formerly of
 This City, at North Sheffield Hall.
 The last lecture of the university course was delivered in North Shelf. hall last even ing by General Brayton Ives, of New York, and was not only one of the most instruct i've, but also the most interesting, on account of the peculiar and universal interest which is wrapped up in such a subject as that which was the theme of the evening. MT. Ives, who is thoroughly acquainted with all subjects appertaining to Wall street, with it's multitudinous changes and it's ever multi plying dealings, took for the subject of his lecture ''The conservative element in Wall street." The lecture did not go to that depth of unraveHing the mysteries of the market as it might have done, but was con- fined more to a close inspec tion of the ex- change as it is. MT. Ives is a Yale man of
 the class of '61 and has been president of the Stock Exchange, and from his knowledge of
 the market at all times and his literary qual iGcations was able to make his discourse very pleasing.
 Wall street is the ill-abused target of the many who are net acquainted with that upon which the market deals and because of
  and pulpit unite in casting upon it disrep- | utable character. The young and the old, the poor and the rich, all are warned against it's alluring attractions and told to avoid dealings with it. Women, notwithstanding | contrary advice, trust their luck in the hope of meeting with luck. Preachers, doctors, lawyers and all delight to play with it, and
 then when they meet with reverse they curse their ill luck and heap with l abuses all connected with the have connections with it and the fate of many a criminal is determined at times by the ickle motion of the ever busy market Yet with all the disreputable re- factions thrown upon it, 1t is the one place where ministers of the gospel and the inf nite number of charitable institutions have recourse to when they need assistance, and the aid received is looked upon as 8 1egiti- mate gain.
 The speculative fever that is seen in Wall street does not originate there, and comes only from the outside. The winners Of to- day are the losers of the morrow. And It IS only when the people are Respondent that Wall street shows forth in it's apparent aw- fulness. Wall street shows the first sign of a commercial crisis
 In 772 our imports exceeded our exports by $160, ,00O 900, and the inevitable pay day had to come and with it followed the great crash. Thus the crises of '73 and 'S1 were due in the former case to Jay Cooke and in the lat ter to the death of Garfield. They did not originate In Wall street; they simply noted the people as they were. In all cases Wall street pulses are the forerunners of depres sion or of booms. Banks close, manufactur iug industries shut down, and the tell-tale is found in Wall street. The multitude is skeptieal to this and totally disregards it. But it is the wise man who notes the tallying of the market with the external happenings, and it is he who alone can maintain his equilibrium. Men have displayed as dauntless courage in fighting the market in g losing fight as was ever displayed on 8 battlefeld-persever- ingly they fight on unnecessarily. Mental weakness comes over them; you find them with nerves unstrung. Broken down they have recourse to the pistol and the same old story repeats itself-deserving of pity indeed but seldom ever getting it.
 The man who enters in the contest should ever remember the adage, 'He who fights and runs away may fight some other day" A strong unity of speculation and conser- There can be no objection to spec ulation 80 long it does not run away with the conservatism in Wall street Vanderbilt and Gould are as powerless to stem the rise or fall of the market as any ordinary man and in single efforts it has cost them individually millions of dollars.
 The multitude thinks because it has lost to-day it must win to morrow. They double and treble like faro player, but there is the same steady active outside as ever-the mar ket simply registers such and they swamped Yet like flies they hover about until they are lost forever. To-day they are here and tomorrow they are gone Wall street is the most successful teacher of humility. It requires men of great activ ity and unfiinching courage.
 The most conservative fight for further increase of income with 8 thought of further increasing the principal.
 Many buy stock with dividends and they simply support the street; with no dividends and also assessments, the street swallows up these conservatives. Where the cautious buys but little, many capitalist sinks his whole amount in at once-the pay day comes-de- mands are made upon him, and with his whole fortune out of his hands he is unable to meet demands and he is gone forever; the cautious man, however, with his small sums invested, easily bridges the storm.
 Wall street speculation and outside con servatism are paying many railroad systems throughout the country. Granting the evils of speculation and the notorious evil conse quences, benefcent results seldom fail to follow.
 The Stock Exchange with it's 1, 100 men is the heart of Wall street. The throbbings of the market as true as the changes in the barometer. The importance of it is ever in creasing and its growth for the past few de- cades has been marvellous. The London Exchange comprises but few bankers; that of New York is filled with them. Seats to- day are sold as high as $35, 900, which would seem ridiculous twenty years ago. The gov ernment takes no risk, but takes precaution against illegal doings only.
 Chicago and Boston as close to it as if block away. Transmissions and transac- tions from Chicago to New York and back have been done in the almost incredulous ooef of mil ia transactions with London and return an- swer have been made in three minutes. As many as 10, 900 messages and over are sent out daily. The transactions are as real and as genuine as bargains in dry goods stores and are certified at all banks.
 The number of stockholders in the New York Central and Pacific railroad and others run from 5000 to 5000 and oftentimes to 23 900 in some corporations These are oftentimes elassed with monopolists wrongly and the charges are always detrimental to the small holder to the advantage of the rich holder.
 There will in no likelihood ever be repe- tition of such panic '73, for European markets are ever ready to take stock off American hands.
 In the coming year 10, ,0O0 miles of railroad will be built, and the securities will find their way into the hands of bankers, capital ists, physicians and lawyers, and the money will find it's way back. The Stock Exchange has more than once proved blessing to the government, and oftentimes has she had re- course to it for support. In the late war when credit was bad she sought out the Stock Exchange and by it alone was it sus- taincd.
 After the defeat of Bulls Run the govern l ment was mourning monthly debt at times from fifty millions to ninety millions and the Stock Exchange favored it's salvation. l Again during the period of redemption of specie the Stock Exchange aided it and the people found out that for the first time in
 and many seeing they could get either took paper.
 The Stock Exchange is invaluable and is | the beneftter of all. The jobber may look 1 to foreign markets for his goods, but he has | to have recourse to Wall street for the clear | ing out of the commercial exchanges. And so with all the cotton growers, iron dealers l and manufacturers; all have recourse to this
 one place.
 a1, l.K Ko-I -Iro